Exam 10: State and Local Governments: Introduction and General Fund Transactions

Use the following information to answer bellow Questions A county's general fund has $4,000,000 in purchase orders outstanding at the beginning of 2020. The orders are delivered in 2020 and the county pays the suppliers $4,000,000. Expenditures ordered, delivered and paid for in 2020 total $35,000,000. Near the end of 2020, encumbrances for $5,000,000 in purchase orders are recorded. Encumbrances are reported in fund balance-assigned. -Using the legal budgetary basis, what amount does the county report for expenditures in 2020?

The following general fund budget was approved by Plumas County for the current year: Budgeted revenues \ 4,200,000 Budgeted expenditures 3,900,000 Budgeted other finanding sources 200,000 Budgeted other finanding uses 600,000 Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Closing entries are made at year-end. -Cash

The following fund types are used by Callaway County: -General Fund (GF) -Special Revenue Fund (SRF) -Capital Projects Fund (CPF) -Debt Service Fund (DSF) -Permanent Fund (PF) -Enterprise Fund (EF) -Private Purpose Trust Fund (PPTF) -Investment Trust Fund (ITF) -Custodial Fund (CF) Required For each of the transactions bellow, indicate the county fund(s) affected. Be sure to include all funds that report the transaction. Use the abbreviations listed above. -The general fund provides a temporary loan to the infrastructure fund to help with initial financing of a project to rebuild a county bridge.

Use the following information to answer bellow questions A county's general fund has $4,000,000 in supplies on hand at the start of 2020. It purchases $25,000,000 in supplies and uses supplies costing $26,000,000 during 2020. -If the consumption method is used, what adjusting entry is required at year-end?

Which statement below best describes the GAAP hierarchy in state and local government accounting?

At the start of 2020, a county general fund issues property tax bills in the amount of $9,000,000. It expects to collect $8,800,000 from property owners, with the rest expected to be uncollectible. During the year, $8,750,000 in 2020 property taxes is collected. Of the remaining $250,000 in uncollected taxes at year-end, it is estimated that $100,000 will be collected within 60 days and the rest are uncollectible. Property tax revenue for 2020 is:

The following fund types are used by a county: -General Fund (GF) -Special Revenue Fund (SRF) -Capital Projects Fund (CPF) -Debt Service Fund (DSF) -Permanent Fund (PF) -Enterprise Fund (EF) -Internal Service Fund (ISF) -Custodial Fund (CF) Required For each of the transactions bellow, indicate the fund or funds affected. Be sure to include all funds that report the transaction. Use the abbreviations listed above. -The county receives a state grant to maintain the public parks.

A general fund uses the consumption method to record inventories. Beginning inventories are $10,000, purchases are $600,000, and ending inventories are $12,000. The general fund will report inventory expenditures of:

The following general fund budget was approved by Plumas County for the current year: Budgeted revenues \ 4,200,000 Budgeted expenditures 3,900,000 Budgeted other finanding sources 200,000 Budgeted other finanding uses 600,000 Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Plumas County uses the purchases method for inventories and does not report inventories on its balance sheet. At the end of the year, it determines that it used more inventories than it purchased during the year. -Fund balance-nonspendable

Which one of the following is an expenditure of the current year for a general fund?

The general fund has the following budget: •$400,000 in estimated revenues, •$410,000 in appropriations, •$20,000 in estimated other financing sources, and •$25,000 in estimated other financing uses. If the general fund's balance in fund balance-unassigned was $60,000 at the beginning of the year, before the budget entry, what is its balance after the budget entry?

The general fund collects taxes that are legally restricted for use in a future year. The amount of the collections is reported on the general fund's:

Below are three transactions related to construction projects and bonds. a. Property owners make a special assessment sewer payment. The payment will be used to pay off notes issued to finance the project, which has already been completed. The notes are the obligation of the property owners. b. General obligation bonds are issued at a premium to finance a building project. The premium is to be used to repay the principal of the bonds, and the appropriate transfer is made. c. The city makes a direct payment of general fund cash to retire general obligation bonds at face value. Required For each transaction, identify the fund(s) affected.

The following fund types are used by Callaway County: -General Fund (GF) -Special Revenue Fund (SRF) -Capital Projects Fund (CPF) -Debt Service Fund (DSF) -Permanent Fund (PF) -Enterprise Fund (EF) -Private Purpose Trust Fund (PPTF) -Investment Trust Fund (ITF) -Custodial Fund (CF) Required For each of the transactions bellow, indicate the county fund(s) affected. Be sure to include all funds that report the transaction. Use the abbreviations listed above. -Money is spent to develop architectural plans for a new waterfront mall.

The following fund types are used by Cumberland County: General Fund (GF) Special Revenue Fund (SRF) Capital Projects Fund (CPF) Debt Service Fund (DSF) Internal Service Fund (ISF) Enterprise Fund (EF) Pension Trust Fund (PTF) Custodial Fund (CF) Required For each of the activities bellow, indicate the county fund type that reports the activity. Use the abbreviations listed above. -Accounts for monies set aside pre-tax by employees in the County's flexible spending plan to pay for daycare costs of dependent children or parents.

A general fund makes payments to the debt service fund, as follows: •$4,000,000, as legally authorized in the budget, for payment of principal due on general obligation debt •$2,000,000, as legally authorized in the budget, for payment of interest due on general obligation debt •$500,000 temporary transfer, to be paid back when the debt service fund receives funding from other sources The above transactions reduce the general fund's fund balance-unassigned by what amount?

Use the following information to answer bellow Questions. At the beginning of 2020, the balance sheet of a county general fund reports $500,000 in property taxes receivable from 2019, of which $350,000 are considered uncollectible. During 2020 the county sends out tax bills in the amount of $10,000,000, of which $600,000 are expected to be uncollectible. Cash collections on 2019 taxes are $140,000, and the remaining uncollected taxes are written off. Cash collections on 2020 taxes are $9,500,000. Of the $500,000 uncollected at the end of 2020, $100,000 are expected to be collected within 60 days, $65,000 are expected to be collected more than 60 days after year-end, and the rest are uncollectible. -What are total property tax revenues for 2020, related to 2020 tax bills?

The following fund types are used by the State of Florida: General Fund (GF) Internal Service Fund (ISF) Special Revenue Fund (SRF) Private-Purpose Trust Fund (PPTF) Capital Projects Fund (CPF) Pension and Other Employee Benefit Trust Fund (POEBTF) Debt Service Fund (DSF) Investment Trust Fund (ITF) Permanent Fund (PF) Custodial Fund (CF) Enterprise Fund (EF) Required For each of the activities bellow, indicate the state fund type that reports the activity. Use the abbreviations listed above. -Accounts for operations of government employees' deferred compensation plan.

The following fund types are used by the State of Florida: General Fund (GF) Internal Service Fund (ISF) Special Revenue Fund (SRF) Private-Purpose Trust Fund (PPTF) Capital Projects Fund (CPF) Pension and Other Employee Benefit Trust Fund (POEBTF) Debt Service Fund (DSF) Investment Trust Fund (ITF) Permanent Fund (PF) Custodial Fund (CF) Enterprise Fund (EF) Required For each of the activities bellow, indicate the state fund type that reports the activity. Use the abbreviations listed above. -Accounts for monies set aside to help cover insurers' losses from hurricane disasters.

The following general fund budget was approved by Plumas County for the current year: Budgeted revenues \ 4,200,000 Budgeted expenditures 3,900,000 Budgeted other finanding sources 200,000 Budgeted other finanding uses 600,000 Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Closing entries are made at year-end. -Transfers out